Client Alert
FASB Proposes Significant Amendments To Loss Contingency Disclosure
July 9, 2008
On June 5, 2008, the Financial Accounting Standards Board issued an Exposure Draft of an amendment to FASB Statements No. 5 and 141(R), entitled Disclosure of Certain Loss Contingencies. This amendment would require companies to make heightened disclosures regarding pending or threatened litigation and, in doing so, raises significant concerns about waiver of attorney-client privilege and attorney work product protection. If adopted, the proposed statement would be effective for annual financial statements issued for fiscal years ending after December 15, 2008, and interim and annual periods thereafter.
Click here to read our client alert regarding the FASB proposals.
Read more Corporate & Securities alerts.
Womble Carlyle client alerts are intended to provide general information about significant legal developments and should not be construed as legal advice on any specific facts and circumstances, nor should they be construed as advertisements for legal services.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice within this client alert is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in a client alert.
